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Monday, March 2, 2009

What You Need To Know About Personal Student Loans

By Ricky Martinez

Do you find yourself overwhelmed as a full-time student with all the responsibilities that you have including classes, school work, projects, bills, tuition, books and other expenses? If you find yourself nodding yes to this situation, then you know it's difficult to hold down a full-time job while keeping up with your studies. Because of this, it's not uncommon for you to be experiencing struggles financially, but as we all know there are certain circumstances that come about when you really need to have money that you don't have, right now.

Personal student loans can help you out a ton as a student by taking care of things that are inevitable so you can focus on your studies. One of the biggest hurdles to being able to qualify for a personal student loan is your credit history which most likely isn't built up enough to help you much. There is a way to get around this but you going to have to ask for help.

This is where your parents or legal guardian might come in to help by cosigning on a loan for you, ensuring to the lender that it will be paid back. But if you parents have been experiencing financial troubles of their own over the past couple of years, they too might not reach the necessary standards it takes to qualify. There are ways around this problem too which is to look into personal student loans that are available to people with no credit or low credit scores.

Getting a personal student loan through the government is one option for you to consider. Typically these loans are only available for college tuition and books, but it may be enough to help you get back on your feet and to a point where you can come up with the money for the rest of your expenses. While your waiting to be approved for this type of personal loan an option that is available to you is applying for a credit card and by using it smartly it can actually help you.

Use the credit card very wisely and only on occasion if it's absolutely necessary and pay your bill on time and it can actually help to build your credit history in a short amount of time. If you find yourself in a situation where you absolutely need the money right now then you can consider applying for a payday loan.

One problem to getting this type of loan is that in order to qualify you need to have held a job for a month or more, which isn't always possible for a full-time student. The best thing you can do is to talk to a qualified loan officer to see what they can do for you, and you might be surprised what can be done when you put your mind to it.

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